So, thinking of buying Bitcoin? Nice! If you want to know where to start from, this guide is for you! Having this exclusively innovative virtual currency along with a digital wallet will fetch a wide range of benefits. Also, staying vigilant will prevent you from all types of fraudulent activities. So, why not get started to buy your first Bitcoin!
An Introduction to Bitcoin
Before purchasing, it is preferable to know the basics of Bitcoin. Launched in 2008, it is a decentralized digital currency that allows carrying out a transaction at a low cost. It follows some of the mysterious and pseudonymous ideas regarding the exchange of money. Unlike fiat currency where the government has a key role to play, in Bitcoin the government is nowhere. It is completely decentralized and offers amazing transparency.
As bitcoin uses cryptography for enhancing security, it falls in cryptocurrency. In trading terms, BTC is used as an abbreviated form for Bitcoin. You need not bear the stress of carrying physical money with crypto. Since all the details are there on the public ledger, it offers easy access and high transparency. Every transaction-related record is kept encrypted and no third party will be able to access any of the details. Neither the bank nor the government issues this digital currency.
Bitcoin Means Providing More Opportunities to Investors
With every new day, the world is getting adapted to new technologies like Bitcoin. Today, a lot of information is available on cryptocurrencies, so people are getting more confident about investing in them. As a result, bitcoin trading is getting more common. For trading Bitcoins, you need a reliable platform limited to bitcoin.
Large companies and investment firms are looking to accept and invest in cryptocurrency.
Today, many businesses are accepting Bitcoin for payment. It is surprising to learn that Dell, Microsoft, and some airline companies are accepting Bitcoin. In some countries including Australia, it is treated as a traditional form of currency.
This provides investors more peace of mind about their decision and also helps them grow financially by increasing Bitcoin’s value. If you are also looking forward to making money through crypto, then you must invest in Bitcoin and other such currencies.
Step-by-Step Guide Regarding Buying Your First Bitcoin
After knowing the basics regarding the working of Bitcoin, next you must learn about buying your first Bitcoin. Before starting, it is advisable to choose your Bitcoin wallet for enhanced security. It works just like the physical wallet you use to keep your cash along with debit and credit cards; however, the only difference is that it is virtual. If you choose an offline option or vault (USB locked), it is called cold storage. You can also for a paper wallet i.e. a document with all the key info. Once done with this, you need to follow this step-by-step guide to buy your first Bitcoin:
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Choosing a Bitcoin Exchange –
After selecting a wallet, register at a crypto exchange wherecryptocurrency is given for money. Choosing an exchange based in your own country is a wise choice as it will prove economical in the long run involving zero or low fees. Some companies charge a cash advance fee while others charge a buyer fee. Researching will help in carrying out the most economical way of buying Bitcoin.
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Do security checks –
Now, comes the turn of registering and completing the security checks. At the time of registering; some vital details to be given include email address, phone number, scanned copy of your photo and ID proof. Attaching your Bitcoin account to your bank account or debit card / credit card is a must.
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Depositing of funds in the account –
Once done with the registration and linking of the bank account, it is time to deposit funds in your account to buy bitcoins. Having crypto money in your wallet will open the gateway for carrying out trading transactions, or you can simply hold them.
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Buying Bitcoins-
Finally, buy Bitcoins as per your budget. Next, you need to follow the process with a few clicks and wait for the transaction to get completed. Voila! You are a proud owner of Bitcoins!
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